Asian Paints Ltd. v. ACIT

149 ITD 511Income Tax Appellate Tribunal2014#13447 most cited
7

judgments rely on this decision, according to BharatTax’s citation analysis of 348,631 Indian tax judgments — from 2015 to 2023.

Issues it is cited on

corporate guaranteesection 92bcup methoddirections of the drparm's length priceassociated enterprisestransfer pricing adjustmentdisallowance under section 14asection 92casection 92cassociated enterprisedispute resolution panel

Judgments citing Asian Paints Ltd. v. ACIT

Tata Chemicals Ltd, Mumbai vs. Addl Ciat 2(3), Mumbai

In the result, appeal filed by the assessee is partly allowed

ITA 120/MUM/2013[2008-09]Status: DisposedITAT Mumbai10 Nov 2023AY 2008-09

Bench: Shri Vikas Awasthy, Hon'Ble & Shri S. Rifaur Rahman, Hon'Ble

Section 144C(5)Section 14ASection 43BSection 80

…ns, Ld. AR of the assessee is relied on the following Case Law: - ITA.NO. 120/MUM/2013 (A.Y: 2008-09) Tata Chemicals Ltd i. CIT vs. M/s. Everest Kento Cylinders Ltd. [2013] 34 taxmann.com 19 (Mumbai - Trib) (Refer Para 21) ii. Asian Paints Ltd vs. ACIT [(2014)149 ITD 511 (Mumbai - Trib)] (Refer Para 8) iii. Reliance Industries Limited vs. ACIT [ITA No. 4475/M/2007 & Others pronounced on 13.09.2013] (Refer Para 52.12) 11. Ld.AR of the assessee submitted that the guarantee commission shall be calculated with reference to outstanding amount of underlying loans for which the guarantee has been given by the assessee.…

DCIT 5(3)(2), Mumbai vs. The Great Eastern Shipping Co.Ltd, Mumbai

In the result, appeal filed by the learned assessing officer is dismissed

ITA 3272/MUM/2015[2009-10]Status: DisposedITAT Mumbai13 Sept 2023AY 2009-10

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm The Great Eastern Shipping Co. The Dy. Commissioner Of Ltd. Income-Tax, Kalyaniwalla & Mistry Llp Range-5(3), Esplanade House, 2 Nd Floor, Vs. Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of The Great Eastern Shipping Income-Tax, Co. Ltd. Range-5(3), Kalyaniwalla & Mistry Llp Vs. Esplanade House, 2 Nd Floor, Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent)

For Appellant: Shri Jitendra Jain, AdvocateFor Respondent: Shri Manoj Mishra, CIT DR
Section 115Section 143Section 143(3)Section 144CSection 14A

…rt needs to be followed in the case of the Appellant. ix. The Appellant relies on the following decisions wherein internal CUPs were accepted and the guarantee commission rate between 0.2% to 0.5% p.a. was accepted to be at Arm‟s Length. i) Asian Paints Ltd. (149 ITD 511)(Mum.) – guarantee commission of 0.2% p.a. held to be at arm‟s length. ii) Hindalco Industries Ltd. (62 taxmann.com 181) (Mum.) – guarantee commission of 0.5% p.a. held to be at arm‟s length. iii) Thomas Cook (India) Ltd. v. Addl CIT (ITA No. 859/Mum/2014) – guarantee commission of 0.5% p.a. held to be at arm‟s length. iv) Godrej Consumer Product…

The Great Eastern Shipping Co. Ltd, Mumbai vs. DCIT RG 5(3), Mumbai

In the result, appeal filed by the learned assessing officer is dismissed

ITA 1656/MUM/2014[2009-10]Status: DisposedITAT Mumbai13 Sept 2023AY 2009-10

Bench: Shri Prashant Maharishi, Am & Ms. Kavitha Rajagopal, Jm The Great Eastern Shipping Co. The Dy. Commissioner Of Ltd. Income-Tax, Kalyaniwalla & Mistry Llp Range-5(3), Esplanade House, 2 Nd Floor, Vs. Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Fort, Mumbai-400 001 Mumbai-400 020 (Appellant) (Respondent) Pan No. Aaact1565C The Dy. Commissioner Of The Great Eastern Shipping Income-Tax, Co. Ltd. Range-5(3), Kalyaniwalla & Mistry Llp Vs. Esplanade House, 2 Nd Floor, Room No.525B, 5Th Floor, M.K. Marg, 29, Hazarimal Somani Marg, Mumbai-400 020 Fort, Mumbai-400 001 (Appellant) (Respondent)

For Appellant: Shri Jitendra Jain, AdvocateFor Respondent: Shri Manoj Mishra, CIT DR
Section 115Section 143Section 143(3)Section 144CSection 14A

…rt needs to be followed in the case of the Appellant. ix. The Appellant relies on the following decisions wherein internal CUPs were accepted and the guarantee commission rate between 0.2% to 0.5% p.a. was accepted to be at Arm‟s Length. i) Asian Paints Ltd. (149 ITD 511)(Mum.) – guarantee commission of 0.2% p.a. held to be at arm‟s length. ii) Hindalco Industries Ltd. (62 taxmann.com 181) (Mum.) – guarantee commission of 0.5% p.a. held to be at arm‟s length. iii) Thomas Cook (India) Ltd. v. Addl CIT (ITA No. 859/Mum/2014) – guarantee commission of 0.5% p.a. held to be at arm‟s length. iv) Godrej Consumer Product…

Greatship (India ) Ltd, Mumbai vs. DCIT 5(1)(1), Mumbai

The appeal stand partly allowed

ITA 7151/MUM/2017[2013-14]Status: DisposedITAT Mumbai05 Oct 2021AY 2013-14

Bench: Hon’Ble Shri Pavan Kumar Gadale, Jm & Hon’Ble Shri Manoj Kumar Aggarwal, Am (Hearing Through Video Conferencing Mode) आयकरअपील सं./ I.T.A. No.7151/Mum/2017 (धििाारण वर्ा / Assessment Year: 2013-14) Greatship (India) Ltd. Dcit-5(1)(1) बिाम/ Room No. 568, 5Th Floor, C/O Kalyaniwalla & Mistry Llp Esplande House, 29, Hazarimal Somani Marg Aaykar Bhavan, M. K. Road, Vs. Fort, Mumbai-400 001 Mumbai-400 020 स्थायीलेखासं./जीआइआरसं./ Pan/Gir No. Aabcg-8542-K (अपीलाथी/Appellant) : (प्रत्यथी / Respondent) अपीलाथीकीओरसे/ Appellant By : Ms. Ritu Kamal Kishore- Ld. Ar प्रत्यथीकीओरसे/Respondent By : Shri Sunil Deshpande- Ld. Sr. Dr सुनवाईकीतारीख/ : 31/08/2021 Date Of Hearing घोषणाकीतारीख / : 05/10/2021 Date Of Pronouncement आदेश / O R D E R Manoj Kumar Aggarwal (): - 1. Aforesaid Appeal By Assessee For Assessment Year (Ay) 2013-14 Assails Final Assessment Order Dated 17/10/2017 Passed By Ld. Assessing Officer (Ao) U/S 143(3) R.W.S. 144C(13) Pursuant To The Directions Of Ld. Dispute Resolution Panel-I, Mumbai U/S 144C(5) Dated 28/09/2017. The Grounds Raised By The Assessee Read As Under: -

For Appellant: Ms. Ritu Kamal Kishore- Ld. ARFor Respondent: Shri Sunil Deshpande- Ld. Sr. DR
Section 133(6)Section 143(3)Section 144C(5)Section 14ASection 28Section 92BSection 92C

…) 0.5% [Note : Order of Tribunal upheld by the Hon'ble High Court of Bombay : CIT Vs. Everest Kento Cylinder Ltd. Vs. CIT (2015) 378 ITR 57 (Bom). 2. Reliance Industries Ltd. Vs. Addl. CIT (ITA No. 4475/Mum/2007) 0.38% 3. Asian Paints Ltd. Vs. Addl. CIT (2014)149 ITD 511(Mumbai) 0.20% 4. Aditya Birla Minacs Worldwide Ltd. Vs. JCIT (2016) 47 CCH 760 0.5% p.a (Mum) 5. Godrej Household Products Ltd. Vs. Addl. CIT 41 taxmann.com 386 0.5 % p.a (Mum) 6. Nimbus Communications Limited Vs. Addl. CIT (2014) 149 ITD 0508 0.5% p.a (Mumbai) 7. Hindalco Industries Ltd. Vs. Addl. CIT (62 taxmann.com 181)(Mum) 0.5% p.a 8. Manug…

Greatship (India) Ltd, Mumbai vs. DCIT 5(1)(1), Mumbai

In the result, appeal of the Revenue is dismissed on account of Low Tax

ITA 1457/MUM/2016[2011-12]Status: DisposedITAT Mumbai31 Aug 2021AY 2011-12

Bench: Shri Vikas Awasthy & Shri Manoj Kumar Aggarwalआअसं. 1457/मुं/2016 (िन.व.2011-12) Greatship (India) Ltd. C/O Kalyaniwalla & Mistry, Army & Nevy Building, 3Rd Floor, 148, Mahatma Gandhi Road, Fort, Mumbai-400001 ...... अपीलाथ" /Appellant Pan: Aabcg8542K बनाम Vs. Dcit-5(1)(1), Room No. 568, 5Th Floor, Aayakar Bhavan, M.K. Road, Mumbai-4000120 ..... "ितवाद"/Respondent आअसं. 1563/मुं/2016 (िन.व.2011-12) Dcit-5(1)(1), Room No. 568, 5Th Floor, Aayakar Bhavan, M.K. Road, ...... अपीलाथ" /Appellant Mumbai-4000120 बनाम Vs. Greatship (India) Ltd. C/O Kalyaniwalla & Mistry, Army & Nevy Building, 3Rd Floor, 148, Mahatma Gandhi Road, Fort, Mumbai-400001 Pan: Aabcg8542K ..... "ितवाद"/Respondent

For Appellant: Sh. Nitesh Joshi, AdvocateFor Respondent: Sh. Sushil Kumar Mishra
Section 143(3)Section 144CSection 14A

…nto Cylinder Ltd. Vs. CIT (2015) 378 आअसं. 1457 & 1563/मुं/2016 (िन.व.2011-12) ITA NO.1457 & 1563/MUM/2016 (A.Y.2011-12) ITR 57 (Bom). 2 Reliance Industries Ltd. Vs. Addl. CIT (ITA No. 0.38% 4475/Mum/2007) 0.38% 3 Asian Paints Ltd. Vs. Addl. CIT .20% (2014) 149 ITD 511 (Mumbai) 0.20% 4 Aditya Birla Minacs Worldwide Ltd. Vs. JCIT .5% (2016) 47 CCH 760 (Mum) 5 Godrej Household Products Ltd. Vs. Addl. CIT .5% 41 taxmann.com 386 (Mum) 6 Nimbus Communications Limited Vs. Addl. CIT .5% (2014) 149 ITD 0508 (Mumbai) 7 Hindalco Industries Ltd. Vs. Addl. CIT .5% (62 taxmann.com 181)(Mum) 8 Manugraph India Ltd. Vs. DCIT .…

Greatship (India ) Ltd, Mumbai vs. DCIT 5(1)(1), Mumbai

The appeal of the assessee is allowed in terms of our aforesaid observations

ITA 1287/MUM/2017[2012-13]Status: DisposedITAT Mumbai05 Apr 2021AY 2012-13

Bench: Shri S.Rifaur Rahman () & Shri Ravish Sood () Ita No.6083/Mum/2018 (Assessment Years: 2012-13 & 2014-15) Greatship (India) Ltd., Dy. Commissioner Of Income- C/O. Kalyaniwalla & Mistry, Vs. Tax-5(1)(1), Army & Navy Building, 3Rd Floor, Room No. 568, 5Th Floor, 148, Mahatma Gandhi Road, Aayakar Bhavan, M.K. Road, Fort, Mumbai – 400 001 Mumbai – 400 020

For Appellant: Shri M.M. Golvala &For Respondent: Shri Anand Mohan &
Section 143(3)Section 92BSection 92C

…[Note : Order of Tribunal upheld by the Hon‟ble High Court of Bombay : CIT Vs. Everest Kento Cylinder Ltd. Vs. CIT (2015) 378 ITR 57 (Bom). 2. Reliance Industries Ltd. Vs. Addl. CIT (ITA No. 4475/Mum/2007) 0.38% 3. Asian Paints Ltd. Vs. Addl. CIT 0.20% (2014) 149 ITD 511 (Mumbai) 4. Aditya Birla Minacs Worldwide Ltd. Vs. JCIT 0.5% p.a (2016) 47 CCH 760 (Mum) 5. Godrej Household Products Ltd. Vs. Addl. CIT 0.5 % p.a 41 taxmann.com 386 (Mum) 6. Nimbus Communications Limited Vs. Addl. CIT 0.5% p.a (2014) 149 ITD 0508 (Mumbai) 7. Hindalco Industries Ltd. Vs. Addl. CIT 0.5% p.a (62 taxmann.com 181)(Mum) ITA No. 1287/…

Cox & Kings Ltd, Mumbai vs. Addl CIT RG 1(1), Mumbai

In the result, both the appeals of the assessee are partly allowed for statistical purposes

ITA 1354/MUM/2014[2009-10]Status: DisposedITAT Mumbai04 Nov 2015AY 2009-10

Bench: Shri D. Karunakara Rao & Shri Pawan Singh

For Appellant: Shri R.R. VoraFor Respondent: Shri G.M. Doss, DR and Shri
Section 143(3)Section 14ASection 92A(3)

…plied / confirmed by the Hon‟ble Bombay High Court and the Hon‟ble Mumbai Tribunal are as follows: Name of the case Guarantee commission rate Everest Kanto Cylinders Ltd (ITA No.1165 of 2013) 0.5% Manugraph India Ltd (ITA No.4761/M/2013 0.5% Asian Paints Ltd (149 ITD 511) (Mum Trib) 0.2% Aditya Birla Minacs Worldwide Ltd (7033/M/2012) (Mum. 0.5% Trib) 4.37. Without prejudice to the appellant‟s submissions that no adjustment should be made on account of guarantee commission, the appellant also submits that, if at all your honours upholds the adjustment on account of guarantee the same should be restricted in rang…

Asian Paints Ltd. v. ACIT (149 ITD 511) — Cited in 7 Judgments | BharatTax